Canyon Secures $24.5M Capital Boost, Increases Funding for Cameroon Mining Project

Australian mining company Canyon Resources has secured a $24.5 million capital injection offer from its shareholder, Eagle Eye Asset Holding.

The options will raise Eagle Eye Asset Holding’s stake in Canyon Resources to 54.7% and increase funding for the development of the Minim Martap Bauxite Project in Cameroon.

“Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026,” stated Mark Hohnen, Executive Chairman, Canyon Resources.

The capital fund will support the completion of a feasibility study for the project – due in Q3 2025 – and other critical pre-development activities ahead of a final investment decision and construction.

Eagle Eye has an option to inject an additional $10.5 million to increase its equity in Canyon Resources by December 2026.